SEOUL, Jan. 31 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemicals producer, saw its profit shrink 40.4 percent in 2022 from a year earlier due mainly to sluggish petrochemical demand. Operating income reached 2.99 trillion won (US$2.43 billion) in the January-December period, compared with 5.02 trillion won logged the previous year, the company [...]
SEOUL, Jan. 26 (Korea Bizwire) — POSCO Chemical Co., a major South Korean producer of secondary battery materials, said Thursday it has obtained government approval for the export of its technologies related to producing cathodes, a key component used in electric vehicle (EV) cells. The decision was made earlier this month by the private-public committee [...]
SEOUL, Jan. 19 (Korea Bizwire) — LG Chem Ltd., a major South Korean chemicals firm, said Thursday it will complete the acquisition of AVEO Pharmaceuticals Inc., a U.S. bio firm focused on renal cell carcinoma, later this week. It has invested US$571 million in its U.S. affiliate, LG Chem Life Science Innovation Center, to take [...]
COVINGTON, Jan. 16 (Korea Bizwire) – The SKC campus, located about 56 kilometers east of Atlanta, is where the chemical materials unit of SK, South Korea’s energy-to-telecom conglomerate, built its first U.S. production facility in 1999 as a PET film developer. More than two decades thereafter, SKC is building a new facility on the same [...]
SEOUL, Jan. 16 (Korea Bizwire) — Lotte Chemical Corp. said Monday it is selling its subsidiary in Pakistan to a local chemical company for 192.4 billion won (US$156 million) as part of efforts to streamline its business with a focus on advanced materials and eco-friendly products. Lucky Core Industries, a Pakistani chemical company, will take [...]
SEOUL, Jan. 16 (Korea Bizwire) — With the recovery of demand remaining sluggish due to the current economic slump, South Korean petrochemical companies are moving heaven and earth to survive through a reduction in output while lowering its factory utilization rate even further. According to industry sources, the naphtha cracking center (NCC) utilization rate of [...]
SEOUL, Jan. 12 (Korea Bizwire) — LG Chem Ltd., South Korea’s top chemical producer, said Thursday it has signed an initial agreement with a local startup on the supply of fishing net waste to use it as feedstock for plastic recycling. Netspa, LG Chem’s new partner, has developed a technology to extract high-purity nylon from [...]
LAS VEGAS, Jan. 8 (Korea Bizwire) — SK Geocentric Co., a South Korean chemical company, said Sunday it has signed a contract with a British firm to build a plastic pyrolysis plant in South Korea, taking a step closer to establishing what will be the world’s first plastic recycling cluster in two years. Under the agreement, [...]
SEOUL, Dec. 25 (Korea Bizwire) — SKC Co., a chemical materials unit of SK Group, said Sunday it will present a range of key products, including a semiconductor glass substrate, battery-grade copper foil and bioplastics, at an upcoming U.S. tech exhibition next week. The glass substrate, considered a “game changer” in semiconductor packaging, will be [...]
SEOUL, Nov. 30 (Korea Bizwire) — South Korean petrochemical companies have diversified their naphtha import channels this year amid international sanctions on Russia following its invasion of Ukraine. According to the Korea Petrochemical Industry Association, the nation’s naphtha imports from Moscow stood at 1.92 million tons in the first ten months of this year, down [...]